Real Estate Agents - Pre-construction closing question

Author

Pre-construction closing question

hidden

2006-09-14, 5:25 pm

Scenario: Someone bought a pre-construction with a partner and laid
down a down payment. Years past and the partner is gone. Could the
remaining person close with a new partner or by themselves?

Would the original (but now gone) partner need to be part of the
transaction?

Thanks for your help.

John Mianowski

2006-09-15, 9:25 am

hidden wrote:
> Scenario: Someone bought a pre-construction with a partner and laid
> down a down payment. Years past and the partner is gone. Could the
> remaining person close with a new partner or by themselves?
>
> Would the original (but now gone) partner need to be part of the
> transaction?
>
> Thanks for your help.

A lot depends on the sense in which the partner is "gone". It also
depends on exactly how the ownership of the property was recorded &
whether the partner has an interest in the property or in an entity
(such as a partnership, corp., etc.) that owns the property.

Your solution might be as simple as getting your partner to give you a
Quitclaim Deed - or not. There's not enough information in your post &
you probably need an attorney's help.

JM

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